16 July 2025
The Islamic Bank of Thailand (ibank), represented by Dr. Thaweelap Rittapirom, Director and President, participated in The Muzakarah of Nusantara Shariah Scholars (MUZAKARAH) 2025 or “Muzakarah 2025,” a high-level program focused on the integrated reform of the Islamic financial system. The event was held under the theme “Transformation of an Integrated Islamic Financial System, Methodologies of Deriving Fatwas in Fiqh al-Mu’amalat,” organized by the Faculty of Islamic Sciences at Prince of Songkla University, in collaboration with the Center for Islamic Economic and Finance and INCEIF University, under the supervision of Bank Negara Malaysia.
The objective of the event was to establish a collaborative academic and professional platform for Shariah scholars, Islamic finance economists, and practitioners from both the public and private sectors across ASEAN countries—including Malaysia, Indonesia, Brunei, Singapore, the Philippines, and Thailand. More than 300 participants joined the forum to support the development of a modern Islamic financial system in the region, exchange knowledge, raise Shariah standards, and enhance the role of institutions within the Islamic financial and economic ecosystem.
The opening ceremony was presided over by Pol. Col. Tawee Sodsong, Minister of Justice, Minister of Justice of Thailand, and featured a keynote speech by Mr. Arun Boonchom, the Sheikhul Islam of Thailand, on the topic of “Integrated Reform of Islamic Financial in the Context of Thailand.” Distinguished participants included Mr. Adnan Zaylani Mohamad Zahid, Deputy Governor of Bank Negara Malaysia; Dr. Piti Disyatat, Deputy Governor for Monetary Stability of the Bank of Thailand; Dato’ Syeikh Zakaria Bin Othman, Director of the Kedah State Zakat Board, Malaysia and Asst. Prof. Dr. Maroning Salaeming, Chairman of the Shariah Advisory Council, Islamic Bank of Thailand. The event took place at Al Meroz Hotel, Bangkok, on July 16, 2025.
During the event, Dr. Thaweelap delivered a keynote address titled “Navigating Transformation with Maqasid al-Shariah in Mind: The ibank Digitalization Journey,” under the theme of “Islamic Digital Banking.” His speech outlined the bank’s approach to digital transformation, anchored in the values and objectives of Shariah (Maqasid al-Shariah), articulated through five key dimensions.
The first is Customer Centricity, where ibank views its customers not merely as account holders but as members of the ummah—a unified community. Financial services must therefore serve not only economic but also spiritual goals by promoting inclusivity and access aligned with Islamic principles. The second is Competition, which in the digital age expands beyond the banking industry. ibank aims to shift its role from being a traditional market competitor to a connector within the broader halal ecosystem—collaborating with fintechs, merchants, and digital platforms to deliver comprehensive services tailored to Muslim lifestyles. The third is Data Governance, where data is regarded as amanah (a sacred trust), not a tool for exploitation. ibank is committed to using data transparently and ethically to personalize services while ensuring fairness and privacy in accordance with Islamic values. The fourth dimension is Innovation, where new products and services are co-designed with Shariah experts from the outset, ensuring technological advancement that is compliant, relevant, and meaningful. Lastly, Value Creation is emphasized, with success measured not only by financial performance but by the bank’s social impact—supporting financial justice, sustainability, and improved quality of life in alignment with religious teachings.
Dr. Thaweelap also outlined additional strategies for meaningful transformation, including cultivating a Shariah-aligned innovation culture that empowers employees to develop ethical technologies; establishing an ethical framework for AI and data that upholds principles of amanah, transparency, and justice at every step; and redefining success metrics to focus on accessibility, inclusion, and social value—rather than purely financial figures.
Through this direction, ibank seeks to demonstrate that digital transformation is not merely about technological progress, but also about remaining firmly grounded in religious principles. The bank is committed to building a future that is truly modern, moral, and sustainable. Dr. Thaweelap concluded.
